Should I Upgrade? - MINI Cooper Forum
Go Back   MINI Cooper Forum > All Models & Variants > Finance & Insurance


Finance & Insurance Use this forum to discuss financing and insuring your MINI

Mini2.com is the premier Mini Cooper Forum on the internet. Registered Users do not see the above ads.
Reply
Similar Threads
Thread Thread Starter Forum Replies Last Post
Help with fitting after market stereo in R53 with HK speaker upgrade The Saints First Generation Interior & Ice 4 Sep 9th, 2014 03:45 PM
Love my Mini Cooper Series 1, but looking to upgrade DCOOPA Welcome New Members 0 Mar 20th, 2014 02:33 AM
R50 DIY stereo upgrade on a budget. Installing an amplifier (Boost head unit). 13ms13 First Generation Interior & Ice 6 May 5th, 2013 08:46 AM
Gearbox Upgrade - Help Needed Please :) Morallye First Generation MINI Tuning 3 Apr 29th, 2013 07:32 AM
Mini Cooper S 2003 - Software upgrade nickw First Generation Faults & Fixes 1 Feb 23rd, 2013 10:51 PM

 
LinkBack Thread Tools Rate Thread
  #1 (permalink)  
Old Mar 25th, 2014, 06:10 PM
MINI2 Newbie
Offline
 
Join Date: Oct 2011
Posts: 2
Local Time: 03:12 AM
United Kingdom
Should I Upgrade?

Hello

I 'bought' my Mini on the mini select finance from my local dealer in October 2011, the retail price was approx £9k. The model is a 2008 hatch, yellow, pepper pack and had 21k miles on the clock.

I returned to my local dealer this afternoon to just get an idea of what options I had in regards to upgrading. However, as the new hatch model was released earlier this month, I was told the value of my car was starting to depreciate quicker than it would have done had the new model not been released. (Unless I've been a fool to believe that).

The valuation I was given was £5k, the car is in good condition with 41k miles on the clock. Recently passed it's MOT and has new tyres/brakes last year.

I still owe about £5.2k on my finance, meaning I'm already in negative equity. They played about with some figures for me based on a mini they have with the spec I'm looking for. This was a 2011 mini hatch, pepper pack, 30k miles and mini TLC. I'd need to put a deposit down of approx £650 for the monthly payments to come back at £199, an increase of £50 a month.

I'm just wondering what peoples opinions are. It makes sense for me to upgrade (sort of), but it's extra expense each month. I could afford to put a slightly higher deposit down, which would reduce the monthly amounts.

As much as I adore my mini, I just think for £199 a month I could get another make car with a higher spec. However, as the cars value and the amount I owe is pretty much evens I'm left without a deposit (unless I save for a while). On the other hand, I could wait 6-8 months but the guys said the value of my car may drop even more so the amount I owe is even more than the value.

I have no idea what to do...
Reply With Quote
Sponsored Links
Advertisement
 
  #2 (permalink)  
Old Mar 25th, 2014, 06:47 PM
MINI2 Senior
Offline
 
Join Date: Apr 2012
Location: Suffolk - UK
Posts: 460
Local Time: 03:12 AM
United Kingdom Male
You could see if there is a MINI of similar spec on autotrader to see what they are going for on a private sale and that may be a better option.

That is what I hate about those plans where you have a guaranteed value at the end to buy the car outright or hand it back, you never own it, I would much rather get a bank loan, you usually get a better deal in the long run.
Reply With Quote
  #3 (permalink)  
Old Mar 25th, 2014, 06:47 PM
MINI2 Regular
Offline
 
Join Date: Sep 2009
Posts: 290
Local Time: 04:12 AM
United Kingdom View AMAUTOS7's Classified Ads
I personally dont think there is no point unless your MINI needs alot of money on maintenance wise

Your moving into a newer MINI with a finishing warranty and more miles!!!

I would ask for a better specd car if they are asking for money money

If they can wipe out some of the negative equity then go for it as you will be better off
Reply With Quote
  #4 (permalink)  
Old Mar 25th, 2014, 09:48 PM
MINI2 Newbie
Offline
 
Join Date: Mar 2014
Posts: 5
Local Time: 04:12 AM
What else would you be looking at? I hired another brand of small car for a week to see if I could live with it before deciding what to buy. Turns out nothing else really compared to the Mini for me, but then we have owned only German cars for over 12 years now. Yes, some of the other brands have more whistles and bells to tempt you, but if your heated steering wheel doesn't live up to expectations, will you be pining for your Mini?

Surely the new model knock-on will also affect the cost of an 11-plate negatively?
Reply With Quote
  #5 (permalink)  
Old Apr 6th, 2014, 01:32 PM
christian6984's Avatar
MINI2 Regular
Offline
 
Join Date: Jun 2009
Location: Lancashire
Posts: 83
Local Time: 04:12 AM
United Kingdom Male
Quote: Originally Posted by Icemaiden (original)

Surely the new model knock-on will also affect the cost of an 11-plate negatively?

I think this is also true, this newer 11' mini will lose value faster than your 08' due to being newer and the newer model being out now.

You can also pcp a brand new mini for £199 per month (all be it only a mini one with pepper pack according to minis own website ), you could get a cooper similar with a larger deposit if you shop around. You can even get the new fiesta St for that much a month

Last edited by christian6984; Apr 6th, 2014 at 06:04 PM.
Reply With Quote
  #6 (permalink)  
Old Jun 28th, 2014, 02:53 PM
christian6984's Avatar
MINI2 Regular
Offline
 
Join Date: Jun 2009
Location: Lancashire
Posts: 83
Local Time: 04:12 AM
United Kingdom Male
ive even seen an advert on autotrader for a cooper s F56 for £199 per month

MINI Hatchback 2.0 Cooper S 3dr
Reply With Quote
  #7 (permalink)  
Old Sep 22nd, 2014, 12:17 AM
MINI2 Newbie
Offline
 
Join Date: Sep 2014
Posts: 3
Local Time: 03:12 AM
United States
yes of coures
Reply With Quote
Sponsored Links
Advertisement
 
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

Similar Threads
Thread Thread Starter Forum Replies Last Post
Help with fitting after market stereo in R53 with HK speaker upgrade The Saints First Generation Interior & Ice 4 Sep 9th, 2014 03:45 PM
Love my Mini Cooper Series 1, but looking to upgrade DCOOPA Welcome New Members 0 Mar 20th, 2014 02:33 AM
R50 DIY stereo upgrade on a budget. Installing an amplifier (Boost head unit). 13ms13 First Generation Interior & Ice 6 May 5th, 2013 08:46 AM
Gearbox Upgrade - Help Needed Please :) Morallye First Generation MINI Tuning 3 Apr 29th, 2013 07:32 AM
Mini Cooper S 2003 - Software upgrade nickw First Generation Faults & Fixes 1 Feb 23rd, 2013 10:51 PM

» Recent Threads
Tow Hitch for '13 Roadster
Feb 17th, 2014 05:56 AM
Last post by dalboyne
Yesterday 10:18 PM
19 Replies, 2,968 Views
What type of person drives a MCS
Oct 27th, 2006 02:14 PM
by popey
Last post by The Nun
Yesterday 07:35 PM
83 Replies, 4,374 Views
Times, they are a changing, or not.
Oct 29th, 2014 11:02 AM
Last post by The Nun
Yesterday 07:32 PM
2 Replies, 257 Views
mini one 2008 cigarette lighter fuse?!
Yesterday 12:12 PM
Last post by The Nun
Yesterday 07:18 PM
1 Replies, 151 Views
F56 how to get constant power from passenger side fuse box
Yesterday 12:18 AM
Last post by The Nun
Yesterday 07:13 PM
1 Replies, 209 Views
The Importance of Winter Wiper Blades and Glass Treatment
Yesterday 12:32 PM
by CARiD
Last post by The Nun
Yesterday 07:11 PM
1 Replies, 155 Views
Thinking about another Mini
Yesterday 11:56 AM
by ZR 900
Last post by The Nun
Yesterday 07:10 PM
1 Replies, 191 Views
R53 Intermittent starting issue and ticking
Yesterday 06:53 PM
Last post by liquidsk8s
Yesterday 07:06 PM
1 Replies, 115 Views
R56 transmission problems
Yesterday 04:18 PM
Last post by The Nun
Yesterday 06:58 PM
2 Replies, 118 Views
2015 Countryman
Oct 30th, 2014 09:15 PM
Last post by The Nun
Yesterday 06:12 PM
3 Replies, 271 Views
Advice on labour charge for fast fix....
Yesterday 10:48 AM
Last post by The Nun
Yesterday 06:08 PM
6 Replies, 214 Views
How can I remove the bonnet lining?
Yesterday 12:26 PM
by gnjames
Last post by The Nun
Yesterday 05:58 PM
3 Replies, 174 Views
Thinking about buying a 09 Mini Cooper S
Yesterday 05:16 AM
by JNH2358
Last post by Caveman
Yesterday 04:37 PM
1 Replies, 258 Views
bolt on bhp
Oct 30th, 2014 04:08 PM
Last post by Caveman
Yesterday 04:29 PM
4 Replies, 355 Views
Issue with mini 2005 convertible roof
Oct 29th, 2014 03:16 PM
by boppu
Last post by burnstar
Yesterday 05:12 AM
5 Replies, 508 Views
IMPORTANT. Have you had a power steering pump failure? Please vote YES or NO!!!
Jan 22nd, 2004 11:45 AM
by waynef
Last post by jowev
Oct 30th, 2014 10:28 PM
1,112 Replies, 338,152 Views
Fitting a Bugaboo in a Mini Cooper 2011
Oct 30th, 2014 02:37 PM
Last post by nidawaseem
Oct 30th, 2014 02:37 PM
0 Replies, 249 Views
New comer with some questions..
Oct 29th, 2014 01:31 AM
by mcoop
Last post by davidscott
Oct 30th, 2014 11:47 AM
3 Replies, 437 Views
H7r vs factory xenon
Oct 30th, 2014 10:59 AM
by Nickgo
Last post by Nickgo
Oct 30th, 2014 10:59 AM
0 Replies, 190 Views
Central locking problem Locks then unlocks straight away
Oct 29th, 2014 02:45 PM
by Skitos
Last post by heathwebbo
Oct 30th, 2014 07:12 AM
2 Replies, 297 Views
» Premium
» Auto Insurance
Ľ Wheel & Tire Center

Powered by vBadvanced CMPS v3.2.1

All times are GMT. The time now is 03:12 AM.



Powered by vBulletin® Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
SEO by vBSEO 3.3.2